Shares of AGC Networks rallied 20 per cent on the Bombay Stock Exchange after the company’s Singapore unit and Black Box Corporation entered into a definitive merger agreement under which AGC Singapore would acquire all the outstanding shares of Black Box for USD 1.08 per share in cash.

Cheering the news, shares of the company gained as much as 19.96 per cent and touched an intra-day high of Rs 73.90 apiece on the Bombay Stock Exchange.

In a similar trend, stocks of the firm were trading at Rs 70.10 apiece, up 9.36 per cent, on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 35,109.74, down 48.81 points, or 0.14 per cent, from the previous close on the BSE at 12:35 hours.